What Bernanke's Economic Recovery Means for U.S. Jobs

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Economics / Employment Nov 16, 2009 - 03:39 PM

By: Mike_Shedlock

Earlier today, At the Economic Club of New York, Fed Chairman Ben Bernanke gave his Outlook for the Economy and Policy.

His speech contains much self-serving claptrap about how Federal Reserve policy save the day. Nowhere has the Fed admitted its role in creating the mess.

Bernanke thinks printing money and borrowing from the future via cash-for-clunkers can have lasting benefits. I think that if anything lasting comes from cash-for-clunkers, it will be net-negative.

Bernanke is still extremely concerned about commercial real estate, bank lending, and jobs. On those issues he is certainly right to be concerned. Here are a few snips from the speech.

http://www.marketoracle.co.uk/Article15099.html

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1. Bernanke was on C-span today at some point denying the need for Glass-Steagall renewal!!

EDIT: Rahm Emmanuel is on right now but I'd really be afraid to hear what he's saying!!

Jewish Federation audience

I moved on to "Public School Integration" program . . .

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2. Jobs...the good, the bad, the ugly...

http://www.frontlinethoughts.com/pdf/mwo111309.pdf

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3. bank lending... what a load of crap

I just received more "opt-out" notices from Citibank, AFTER we had been through it once.

These banks, and the people who prop them up, can all just go straight to hell, for all I care.